Episode 22, You have to build something that fits for a purpose- Michael Simeon, Co-founder VoguePay

2 min read

Michael Simeon is the Co-founder and CEO of VoguePay, a user-friendly online payment system in Nigeria.

Michael believes that to launch a product, it’s essential to research the market. In his words “You have to build something that fits for a purpose.”

VoguePay is a multi-million dollar business that never received any funding or grant.

In today’s episode, you’ll learn:

How Michael’s sister influenced his decision to start Voguepay. She owns an e-commerce platform in the UK and wanted a payment platform that could collect payment from Nigeria. She expected Michael to solve the problem. How did he decide to start a business from that?

How did Michael build his first business while he was still at the university? How successful was the business?

There were five co-founders who put money in the business every month from their personal pocket. How easy was it to bootstrap? And what does this have to do with Michael’s belief about collective effort?

Voguepay marketed to developers instead of merchants. What was the reason behind that?

Why did VoguePay ensure that all their strategies were self-sufficient? And how did they manage it?

How do you build a multi-million dollar company without raising funds? Michael has some tips